According to a new report from WealthInsight, Spain’s millionaires are expected to grow at a fast pace compared to the country’s economic situation, with figures forecasting a growth rate of 23.2% to over 277,315 millionaires by 2017. Not only will there be more millionaires in the market, the amount they possess will increase by 27.7% to just under US$1.3 trillion.
WealthInsight analysis shows that the state of Catalonia holds the second highest number of millionaires in the country, at a figure of 48,900 which is 21.7% of the overall millionaire population. Catalonia also has Spain’s highest regional population of 7.3 million which is 15.8% of the overall populace.
Since the financial crisis started, many Catalonians have felt like they have been holding up Spain’s economy. Disputes have raged regarding Catalonia becoming an independent country, with the state going to great lengths to get a referendum.
Spanish millionaires, 2008-2017
"Spain is very concerned about the situation with Catalonia and its high net worth individuals, with the country losing some considerable income for taxes from this section of the population if the deal goes through in the future. The Spanish government will also miss out on the tourism the region attracts, with Barcelona being a key strategic area that Spain would like to keep in its borders", says WealthInsight Analyst, Tom Carlisle.
"With Spain struggling on so many economic levels, their priority is to make sure that Catalonia does not leave Spain. If this happens, Spain need to implement a strategy that entices high net worth individuals to invest within Spain and increase the overall prospects of the economy", says Carlisle.